China’s new industrial plan sure seems a lot like the old one
China went back to the drawing board to create a new plan to grow its industries. But to many hardliners in the U.S., it seems to be a copy-and-paste job of the old plan.
Made in China 2025 was attacked by officials in the U.S. and European Union, who said it was merely a conduit to use government funds to gain competitive advantages, often flouting global trading rules in the process. In the continuing trade talks, the Trump administration is continuing to press China to cut back on most Chinese government subsidies to state-owned or state-controlled enterprises. However, a so-called phase one trade deal the two countries are working to sign in the coming weeks is not expected to address core concerns over subsidies or forced technology transfers.
“But the government must do something as well, to provide a better development environment. In the next step we will focus on implementation to resolve barriers that restrict the integration of the two sectors,” Meng said during a press conference last Friday. A nearly two-year trade war was initially sparked over U.S. concerns that China’s efforts to boost industries ranging from artificial intelligence to electric vehicles partially relied on forceful transfer or outright theft of American innovation.For example, the new guidelines call for the automotive sector to enhance data mining to better understand traffic patterns so that China can push forward with rolling out electric vehicle charging stations in optimal locations.
President Xi Jinping's record over his first seven years "does not inspire confidence they’ll follow a market-friendly approach, but these days one should always be open to expecting the unexpected,” Kennedy said.
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